The CEO of CryptoQuant, a blockchain analytics platform, is revising his perspective on altcoins in anticipation of the potential approval of spot Ethereum (ETH) exchange-traded funds (ETF) by the U.S. Securities and Exchange Commission (SEC). Ki Young Ju, the CEO, informs his 348,500 followers on X, a social media platform, that Ethereum’s Market Value to Realized Value (MVRV) metric is indicating a bullish signal. The MVRV indicator, used to evaluate whether a specific cryptocurrency asset is undervalued or overvalued, is the ratio of Ethereum’s market capitalization to its realized capitalization. Young Ju believes that an “early altcoin season” is approaching, with ETH MVRV rising faster than BTC MVRV, suggesting that the ETH market is heating up compared to its on-chain fundamentals. He also notes that historically, when Ethereum experiences a surge, other altcoins tend to follow suit.

In terms of altcoins, the CryptoQuant CEO asserts that memecoin dominance is declining after reaching a 15-month peak in March. Memecoin dominance measures the proportion of the total market capitalization of memecoins relative to altcoins. Young Ju predicts that Crypto Twitter will shift its focus from gambling to fundamentals, similar to a few years ago. He concludes with the statement, “Pack it up lads, it’s over.”

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